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If the calculations are incorrect how does this effect enforceability?
many thanks
Was your Loan Application for £12,500. If so then they will pay you in two instalments by the looks of it. 1 payment of £9476.54 into your account followed by £3023.00. (a total of £12,499.54). They are being wise to the £10,000 limit on Money Laundering Regulations
Total Loan is £12,499.54
Add Interest on: £2,587.00
Total Repayable is £15,086.00
60 Repayments of £251.45 = £15,087
It looks as you are repaying £1 too much but you are right about your calculations. They are 46pence under. The first payment should be £9477 into your account.
The Credit Agreement would still be enforceable on these grounds but make sure that all the other terms are there. All of the items that should be on the agreement should be on the same page as your signature.
Is this a new loan or an old loan agreement you are checking?
Was your Loan Application for £12,500. If so then they will pay you in two instalments by the looks of it. 1 payment of £9476.54 into your account followed by £3023.00. (a total of £12,499.54). They are being wise to the £10,000 limit on Money Laundering Regulations
Total Loan is £12,499.54
Add interest on: £2,587.00
Total Repayable is £15,086.00
60 Repayments of £251.45 = £15,087
It looks as you are repaying £1 too much but you are right about your calculations. They are 46pence under. The first payment should be £9477 into your account.
The Credit Agreement would still be enforceable on these grounds but make sure that all the other terms are there. All of the items that should be on the agreement should be on the same page as your signature.
Is this a new loan or an old loan agreement you are checking?
The agreement is from Nov 2007.
I have attached a scan.
Someone on another thread stated that if any of the terms were misstated on the CCA then it was tantamount to them being absent from the agreement.
They used English case law.
So if the misstated bit is correct would this case law apply in a scottish court?
It is possible. the only difference there is 46p, However, I have noticed another Error on your Credit Agreement.
At the Top it says ARP of 7.9 % but below the that it is stated as being fixed at 7.6%. There should only be one interest rate. It may just be an error but it could be worth investigating.
Most Agreements made after April 2007 are likely to be enforceable. It is only Credit Agreements prior to April 2007 that are likely to be unenforceable as that is when the stated terms had to be put into the agreements.
As far as I can see, there are 2 signatures, the amount repayable is present.
You could try but my instinct says that the agreement would be deemed enforceable but I am not a Solicitor.
The Consumer Credit Act 1974 is UK wide Legislation so any court would have jurisdiction. Sorry I could not have been much more help. There are some companies out there that will check your agreement Free of Charge for you before proceeding with a claim.
It is possible. the only difference there is 46p, However, I have noticed another Error on your Credit Agreement.
At the Top it says ARP of 7.9 % but below the that it is stated as being fixed at 7.6%. There should only be one interest rate. It may just be an error but it could be worth investigating.
Most Agreements made after April 2007 are likely to be enforceable. It is only Credit Agreements prior to April 2007 that are likely to be unenforceable as that is when the stated terms had to be put into the agreements.
As far as I can see, there are 2 signatures, the amount repayable is present.
You could try but my instinct says that the agreement would be deemed enforceable but I am not a Solicitor.
The Consumer Credit Act 1974 is UK wide Legislation so any court would have jurisdiction. Sorry I could not have been much more help. There are some companies out there that will check your agreement Free of Charge for you before proceeding with a claim.
Good Luck with whatever you decide to do.
Cheers for taking the time to look over, it was very kind.
I will have to investigate further I think with regard to the likely outcome should I decide to take them to task on these errors.
Firstly 60 x 251.45 = 15087 so that is the total payable.
The total loan amount is 12499.54
which means that the interest charge = total cost of credit = 2587.46 and an APR of 7.9%
So the TTC is incorrectly stated. In principle that make the agreement not properly executed as TTC is a prescreibed term in schedule 1 of the Consumer Credit (Agreements) Regulations 1983. However, TTC is not a prescribed term in schedule 6 of teh CC(A)R 1983 for enforceability under s127(3). The agreement has all those terms and your signatre so would be enforceable.
Steven
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RBS having problems adding up
loan agreement it states the loan is for £9476.54 and £3023.00. (a total of £12,499.54)
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Originally Posted by Ron Burgundy
